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"But Seila Law's attorneys say the CFPB's structure “unduly inhibits the President's ability to supervise the exercise of the executive power” and “badly flouts the separation of powers.” They're urging the justices to invalidate the agency entirely or to let Congress redo the agency's structure. The Trump administration, for its part, says the court can simply strike from the law the restriction on removing the agency's head.
"
There is no need for any independent agency. More ever it is a fallacy or illusion that these agencies are independent. These so called Independent agencies are doing more harm to democracy with their unaccountable dictatorial decisions.
Even the judges are not independent at SCOTUS leave alone judges at lower courts.
"Postcard campaign......Let’s get Fan & Fred re-listed!"
Excellent Idea.
"Absolutely, Cat man’s accountability is zero. He should go!
Urgent!!!
Trump nominate an ACCOUNTABLE DIRECTOR for us."
Agree 100%.
Trump should issue executive order to make FHFA and FHFA Director accountable to all stakeholders. Any stakeholder should be able to challenge decisions in a court. No more 4617(f) exemptions in courts and no more dictatorship in a democracy.
"What's the difference between Monday and Tuesday, if any? Well, I see two separate things he's discussing. External capital raise/go to market (Monday quotes) and internal capital raise (Tuesday quote)... and I think that's what he was referencing on Tuesday, the internal raise. It makes sense that an internal raise would correspond with heavy dilution. In other words, I fully expect junior preferred shares to be converted into common, warrants exercised to skyrocket the share count, etc."
Converting JPS does affect capital. JPS and CS are in the same capital category. SPS is a non-core capital has been mis-categorization as equity so as to rob FnF with NWS.
"Brooke, my man, do you really think government is going to “forgive” anything?"
Forgive what? Forgive lies, deception, accounting fraud, stealing?
SCHITZOPHRENIC is mental condition that is may be curable through modern health care.
Is there any health care for greed, lying, deception and stealing?
"Pinnochio Calabria"
LOL, The best one word that describes Calbria.
Calabria after one year as a FHFA director has done nothing. After one year, the situation is no better than what it was before.
"In order to raise ANY capital Squidmore MUST Squidless wink"
Calabria claims himself as housing finance, law and economic expert in addition to experience of working for top political leaders.
After one year as FHFA director he has done nothing but spin the wheel of stupidity and ruin the chances of FnF emerging successfully from conservatorship, with his loose talk interviews.
Despite, White house giving very clear policy direction, Calabria seems to be totally confused about steps involved in winding down lawless conservatorship. BTW FnF are the most profitable companies in the world. Any idiot in the world can successfully wind down such conservatorship.
Do we need such experts to screw up the things along with all high profile expensive advisers?
Calabria keeps on repeating that Conservatorship wind down is driven by process and it is not time constrained even after more than 11 years of lawless conservatorship. If Calabria were to follow rule of law as preached by himself in the past so many years, then conservatorship should have ended last year itself without any risks.
Calabria first needs to make himself accountable to all stakeholders before trying to throw dirt at FnF and investors. Despite all the slogans, allegations and attempts to change FnF model in the last 11 years, nothing much happened because there is nothing much to change.
"MortgageCalabria now expects Fannie Mae and Freddie Mac IPOs in 2021
"
Will any new investor invest fresh money in FnF as long as Calabria is the Director of FHFA?
It is a 100B dollar quetsion.
Calabrias has ruined the recapitalization chances with reckless statements in public. Calabrias is better off working as a adviser to some one.
"If Calabria wants to be like one of the Corleones, I want him to be like Sonny or Fredo."
Yes, Judge Sweeney rightly associated FHFA behavior with mob.
"good luck with that because little Napoleon aka don Corleone is acting as mob boss over his agency and the GSE's.
we need the courts to smash this oversized mouse. LMAO"
Agree. FHFA is rubber stamp, paper tiger agency.
"Let the states do it ?
so you want 50 companies ?
or you want one company that has to follow 50 different state rules
neither sounds good to me
"
There are so many mega insurance companies that operate in all states?
Why do we need corrupt and lawless FHFA regulator for FnF?
"Aside from taking pictures of his cat, he has done about 5 minutes worth of work. He signed a document allowing them to keep some money, not all. These are his accomplishments of conserving them. Another words he spends more time with his cat then actually doing anything other than hiring a consultant, and making public appearances. He has also spent more time bashing shareholders than releasing what does not belong to him.
"
The billion dollar question is, is this Cat man any better than the petty thieves that preceded him. Cat mam gave all the big legalistic talk before becoming FHFA Director. Now as a FHFA Director, he has done nothing in more than one year but continue to steal from conservatees.
So far FHFA has proven to be a useless regulator.
If Gov wants to preserve 30 year fixed loan and FnF then the good option is to move FHFA back under HUD.
If Gov wants to wind down FnF and get rid of 30 year fixed loans, then the good option is to move FHFA under UST.
But the best option is to abolish FHFA and let regular state and federal regulators regulate FnF as any private insurance companies in either of the cases.
"...every single week that FHFA has come up with any well thought out progress/update/policy . They're still in process of preparing the first report which will be ready just as soon as they complete a week's worth of work. Squidmore's been saying that will take a couple of weeks since last year. Haven't you been paying attention? wink"
Yes, Calabria is getting every one's attention with his endless loose talk interviews and no results.
Calabria needs to talk more about his achievements as FHFA director after more than one year on the job. So far there is nothing much to see other than suspending the cash robbery. NWS robbery is still going, but not in cash.
"Your comment demonstrates that you are superior."
It is just common sense, that Cat man has forgotten after becoming FHFA director.
"Stock market live updates: Stock futures climb after historic rout; coronavirus fears persist
https://finance.yahoo.com/news/stock-market-news-live-updates-february-28-2020-234447699.html
"
"coronavirus" is more of an excuse to bring down the market. WS Traders were desperately trying for a crash after long and steady rise in PPS.
Financial media and WS establishment made co-ordinated efforts to bring down the market so that traders can make some good profit on their shorted stocks. May be Gov should look in to this to find out the role of Financial media and WS establishment in this well co-ordinated campaign.
There are so many unknowns about this and fear mongering has overtaken in absence good knowledge and data.
"https://www.bloomberg.com/news/videos/2020-02-25/former-fannie-mae-ceo-mayopoulos-on-mortgage-rates-future-of-fintech-video"
After Listening to Cat man's interviews, it surely looks like Cat man is simply spinning the wheel unprepared and without well thought plan of action. There was nothing new but same speculations and same contemplations.
It appears that Cat man likes and enjoys loose talk interviews. It is appalling that Cat man does not seem to understand that he is talking about companies whose stocks are traded actively.
Instead of such loose talk interviews, FHFA should publish well thought out progress/update/policy reports on its website on a weekly basis so that all investors/traders get this information at the same time. Then Cat man give interviews to explain and clarify any doubts.
Cat man should immediately stop giving such stupid loose talk interviews on sensitive policy matters that affect stock markets.
"The current admin had over 3 years to get this done. Mnuchin and Cohen repeatedly said it was a priority and that it would get it done fairly quickly. Don't blame Calabria he is working to getting it resolved."
SM intended on continuing in the direction of Hank and Ob started. However SM tried to obscure his intentions with false hopes.
Calabria is on the job for more than 1 year now. By the time he was on the job, lot of things were already discussed and ruled out. Also white house made Calabria's job very easy by creating the policy document for FHFA to implement.
But Calabria has not shown any urgency to implement the policy of ending conservatorship. Calabria will not be able to make any progress if he relies on WS revolving door bureaucrats.
Instead of using FHFA independent authority and white house policy document to expedite the winding down conservatorship, Calabria is depending on WS revolving door bureaucrats and they are making Calabria slow walk everything.
"according to Cat man, he has been working on them for years, now he is blabbing about them for years. he is trying to make himself look good to the industry and taxpayers, and not legal and legit shareholders whom he himself knows we were $crewed. why he is becoming slippery like SM."
It is unfortunate that Cat man is getting used to the ways of swamp.
"Fannie and Freddie to make record high contributions to housing trust funds"
Any one can see hypocrisy of politicians and FHFA. Many politicians and FHFA have been in the forefront to destroy FnF for the benefit of WS cronies.
But both are ok for privately funded FnF to contribute billions of dollars of private shareholder's money to affordable housing.
One should also remember that while FnF are contributing billions of dollars of private shareholder's money to affordable housing, FHFA is allowing Gov to charge FnF usury 10% interest on its investment. It is outrageous that FnF have been paying 10% interest to Gov on the contribution they are making to affordable housing.
Besides when FHFA wanted to bailout the bankrupt WS establishment, it forced consevatorship on FnF and tried to bankrupt them. We need a Gov agency that works for people and not for ws cronies.
"Bove reminds me of cheezy senators like Corker, and dishonest reporters like Blarney, they all have an axe to grind, angry little men."
Unscrupulous people are looking to make profit by promoting false analysis. These people work in groups to create a false sense of panic.
It pays us to be careful about what these people say.
FHFA is a disgusting lawless agency which is promoting such manipulations of markets instead of creating a open and transparent market and economic environments.
If FHFA wants FnF to recapitalize and return to their stable private corporate status then FHFA should be open and transparent about how it is winding down conservatorship. FHFA does not need years to announce the wind down plans based on rule of law.
FHFA Directors have been involved in lying, ignoring and violating laws in the past 11 years. Current FHFA Director is proactively involved in promoting all kind of speculations with his hare brained utterances. FHFA Directors should show their statutory independence with open and transparent styles rather than engage in back room deals.
Any self respecting public servant will refute all allegations with facts when well known analysts start accusing agency of lies and theft of private property.
Worst politician look like decent people when compared with how FHFA is managing conservatorship.
"Bank analyst Dick Bove of Odeon Capital downgraded the common shares of Fannie Mae and Freddie Mac from Hold to Sell. "
Dick Bove has lost any credibility he ever had.
JPS and CS are on the side of the boat but Dick Bove likes JPS and not CS for simple reason that his portfolio is long on JPS and probably short on CS.
"HERE is the DICK ... Bove & Rosner previous VIDEO on CNBC TV
DICK BOVE - "The United States GOVT LIED LIED to the American Public ! "
"
FHFA seems to be the secret agency at the center of all these lies for more than 11 years. Without secretive and independent FHFA this would have never been possible. The current FHFA Director Calabria knows this but FHFA lawyers continue to peddle the same lies in the courts.
Bove & Rosner are openly accusing Gov agencies of lying and we have not seen any denial from these Gov agencies. Does any one know what OIGs at these agencies do?
The worst part is many turncoat judges have chosen to ignore all these lies and abandon the common citizenry that rely on judiciary to keep the Gov bureaucracy honest.
Does SCOTUS or Congress ever take notice of such lawlessness at FHFA and fix the problem?
"It is not the same, and there is a huge difference. Sweeney saying that Treasury is not a controlling shareholder means that they do not owe a fiduciary duty to minority shareholders. That directly contradicts what you said.
"
LOL, When was the last time anyone convinced JPS holders. JPS holders were so sure about Moelis but now they do not even talk about it.
"Treasury has control over FnF being released due to the terms of the SPSPAs, but according to Judge Sweeney, this does not make them a controlling shareholders or party. Therefore Treasury does not have a fiduciary duty to shareholders."
Already some courts have ruled that FHFA conservator is a Gov actor, putting FHFA conservator and UST together them as US Gov. So this basically puts US Gov as controlling party.
Basically controlling parties have fiduciary responsibilities to non controlling shareholders.
"They die of old age."
Investors may die of old age, when rule of Mob prevails. We are not there yet.
"Treasury has control over FnF being released due to the terms of the SPSPAs, but according to Judge Sweeney, this does not make them a controlling shareholders or party. Therefore Treasury does not have a fiduciary duty to shareholders."
LOL, What does this mean? Is it not the same? Is it not a distinction without a difference?
Why would a non-controlling Gov investor has contractual control over Gov Conservaorship trumping the US laws, eventhough FHFA is a statutorily independent entity forbidden by law from being influenced by any outsider.
In corporate matters, courts look behind the mask to find out who is really controlling the companies (defacto). Judge Sweeney's preliminary ruling is based on what is visible without looking behind the mask.
Mobs do not operate openly telling all, their ways of doing things. When judge Sweeney uses words like "Mob" to describe the conduct of defendants, it is means more than fair dealing.
"What evidence do you have to support your claim and contradict what Judge Sweeney said? How is Treasury a controlling shareholder if they have not exercised the warrants and the seniors are non-voting shares? Notice that she said "Treasury did not control the Enterprises because it could not direct any action", so she already disagrees with the argument that FHFA has just been following Treasury's orders.
"
1. Why would FHFA Director say in the the Bloomberg interview that he will leave it to UST to decide on shareholder matters?
2. In case of FnF conservatorship there is conclusive evidence to prove that FHFA and UST worked together as part of US Gov to harm private sharehodlers interests.
3. Why would White House asks UST and HUD to come up with a plan to end conservatorship if US Gov is not controlling conservatorship. Why was FnF wind down a part of US policy under Obama Adminisitration. Who authorized wind down of FnF?
Like this there are many instances where UST officials and FHFA have acted together unlawfully as part of US Gov. So it is really US Gov that has fiduciary duties to private shareholders under various laws. BTW conservatorship was imposed on FnF under US laws, so US Gov owes to private shareholders that they are treated fairly.
In the end it all depends on what happens to private shareholders.
"Yes. Sign a petition. That will be very helpful"
Yes, it is the right of the people to petition the Gov and seek justice.
"While we're at it, let's just sign a petition to release the GSEs back to the shareholders and pay punitive damages. The courts are far too slow. "
Agree.
"making PUBLIC SHAREHOLDER COMMENTS is TOTALLY OUTSIDE HIS CONCERN
HE is CHARGED with Making the GSEs SOUND and SOLVENT'
Yes, Calabria should be respecting the laws that he helped to write.
Calabria needs to show some urgency to end conservatorship. Calabria should not be following the footsteps of SM whose intentions about conservatorship are not well understood. SM did not do anything in 3 years other than talk ad nauseum.
"we should sign a petition to have Calabria fired for intentionally trying to cause FINANCIAL HARM to the GSE shareholders.
Where are the big Wallstreet lawyers when you need them???"
Yes, Calabria should not be speaking against any investors as a regulator or as a conservator.
FHFA director position is non-political position. Calabria should not be playing political games. From the interview it looks like Calabria is violating the oath of office.
"There's no doubt Trump can remove Calabria if he wants, but he obviously doesn't want to at this moment. "
Calabria is Trump's chosen appointee. So Calabria will not go against White House policies. If Calabria does a good job at FHFA and proves that he can be trusted, then bigger jobs are waiting for him in the Trump administration.
Calabria needs to show urgency and complete the job at FHFA and get ready for greater opportunities in the Administration. SM is already at the peak of his career, so he is not showing any urgency.
"Treasury as a controlling party under SPSPA has fiduaciary duties to non-controlling minority shareholders. Treasury can not claim immunity under 4617(f) like FHFA. Treasury has to be fully compliant with very broad APA regulations."
BTW, US (UST), by signing SPSPA a private contract with a private companies has given up the sovereign immunity on anything to do with SPSPA.
If UST claims sovereign immunity on anything to do with SPSPA, then SPSPA is not a valid lawful contract.
"you can look for other differences between them - as I do - but because BO stole does not mean DJT did not steal - 38 months and counting"
How do you know it was done under the direction of DJT. SM did not do his job as assigned and so White House issued policy directives and made Larry as a point person. When was the last time your heard SM talking about Conservatorship?
"There's no such thing as "independent" that's a fallacy- there's only 3 branches of power! they serve in the Executive Branch at the Pleasure of the President- anyone he appoints, he can remove and replace under Article 2 of the Constitution- this includes Calabria, Mnuchin, Powell, or anyone in the Federal Branch! Ask the 70 NSC agents he just dismissed"
You are right. But FHFA under current HERA does not report to anyone. However FHFA Director can be removed for a cause.
"If not this administration is not what I thought, another group of lawless thief’s."
If you call current administration as another group of lawless thieves, then what words are there to describe Hank and Obama administration.
" He speaks for FHFA and the administration."
LOL, Nobody can speak for both FHFA and Administration. May be as a exception POTUS can speak for both.
FHFA is a independent regulatory authority and reports to none except that it answers questions from congress and administrations.
"+1 sticky please"
Golfbum22,
Thanks, We do not know whether Calabria is trying to maneuver UST in right direction considering Hank/Ob UST were responsible for current conservatorship situation.
During Hank/Ob administration, UST officials used FHFA as a proxy to do unlawful things as confirmed by Calabria in his past interviews as a common man.
Probably Calabria do not want to be accessory for doing the bidding of current UST officials. So Calabria is trying to stay away from shareholder matters.
"Why show you are tough guy to anyone? I don't understand the need for him to take interviews like this or make any comment at all. There are multiple lawsuits still pending. The only time he should open his mouth is when directed to by lawyers.
He cannot be anti-shareholder and say he is pro GSE. Once it was declared that there will be shareholders moving forward (no wipeout) he should have remained silent then.
I think I as others have shared the SEC should be contacted with what is going on.
Can you imagine if a CEO says I am going to dilute the hell out of shareholders (because I can and not that I have to) and that it is going to be massive because I don't want shareholders to have a windfall?"
Mark calabria should wisen up. He should not allow himself to be used by the vulture financial media. People in positions of power have often regretted for saying something unnecessary but have never regretted for not saying something unnecessary.